Allient Inc (ALNT) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Allient first quarter fiscal year 2026 financial results conference call. (Operator Instructions) As a note, this conference is being recorded. I would now like to turn the call over to Craig Mychajluk, Investor Relations. Thank you, Craig. You may begin.

各位好，歡迎參加 Allient 2026 會計年度第一季財務業績電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把電話交給投資人關係的 Craig Mychajluk。謝謝你，Craig。你可以開始了。

Thank you, and good morning, everyone. We certainly appreciate your time today as well as your interest in Allient. On the call today are Dick Warzala, our Chairman, President and CEO; and Jim Michaud, our Chief Financial Officer. Dick and Jim will review our first quarter 2026 results, provide a strategic and operational update and share our outlook. We'll then open the line for your questions.

謝謝，各位早安。我們非常感謝各位今天撥冗參與，也感謝各位對 Allient 的關注。今天與會者包括我們的董事長、總裁暨執行長 Dick Warzala，以及財務長 Jim Michaud。Dick 與 Jim 將回顧我們 2026 年第一季的業績，提供策略與營運更新，並分享我們的展望。之後我們將開放線路回答各位的提問。

As a reminder, our earnings release and the accompanying slide presentation are available on our website at allient.com. If you're following along, please turn to slide 2 for our safe harbor statement. During today's call, we will make forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those indicated. These risks and factors are outlined in our SEC filings and in the earnings release.

提醒各位，我們的財報新聞稿與隨附的簡報投影片已公布於我們的網站 allient.com。若您正在跟著投影片，請翻到第 2 頁查看我們的安全港聲明。在今天的電話會議中，我們將作出涉及風險與不確定性的前瞻性陳述。實際結果可能與所示內容有重大差異。相關風險與因素已載明於我們向 SEC 提交的文件以及本次財報新聞稿中。

We'll also discuss certain non-GAAP measures, which we believe will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

我們也將討論若干非 GAAP 指標，我們相信這些指標有助於評估我們的表現。您不應將這些額外資訊的呈現視為獨立資訊，或作為依 GAAP 編製之結果的替代。

We have provided reconciliations of non-GAAP to comparable GAAP measures in the tables accompanying the earnings release as well as the slides. With that, please turn to slide 3, and I'll turn it over to Dick to begin. Dick?

我們已在隨附於財報新聞稿的表格以及投影片中，提供非 GAAP 指標與可比 GAAP 指標之調節表。接下來請翻到第 3 頁，我將把時間交給 Dick 開始。Dick？

Thank you, Craig, and welcome, everyone. We entered 2026 from a much stronger position than we were in a year ago. Over the last several years, we have worked to improve the quality of the business, strengthening the balance sheet, driving structural cost improvements and continuing to reposition the portfolio toward higher-value motion, controls and power applications aligned with attractive long-term growth trends.

謝謝你，Craig，也歡迎各位。我們以比一年前強得多的態勢進入 2026 年。過去幾年，我們致力於提升業務品質，包括強化資產負債表、推動結構性成本改善，並持續將產品組合重新定位至更高價值的運動、控制與電力應用，這些應用與具吸引力的長期成長趨勢一致。

Our first quarter results reflect continued progress on that strategy with growth in revenue, gross profit, operating income and earnings, along with strong bookings to start the year. What I want to emphasize this morning is that our performance is not simply about putting up another quarter of growth.

我們第一季的結果反映了該策略的持續進展：營收、毛利、營業利益與獲利均成長，且年初的接單表現強勁。我今天早上想強調的是，我們的表現不只是再交出一個成長的季度而已。

It is about continuing to improve the profile of the company. That matters as it demonstrates that the operational work we have been doing is translating into better financial performance and stronger positioning as we move through 2026.

更重要的是持續改善公司的整體輪廓與體質。這很重要，因為它顯示我們一直在做的營運工作正轉化為更好的財務表現，並在 2026 年推進過程中帶來更強的競爭定位。

From an end market standpoint, the market sales mix does have an impact on the overall gross margins generated in the quarter. I would note that regarding the mix, we continue to experience strength from Vehicle in the quarter, particularly in commercial automotive as demand carried over to some extent from the stronger-than-expected activity we discussed on our fourth quarter call.

就終端市場而言，市場銷售組合確實會影響本季整體毛利率的表現。就組合來看，我要指出的是，我們本季在車輛市場仍持續展現強勁動能，尤其是商用汽車領域；部分需求延續了我們在第四季電話會議中提到、超出預期的強勁活動。

We are very encouraged by our progress in our industrial market, particularly industrial automation and power quality solutions supporting data center infrastructure. These are exactly the kinds of applications we are focusing our efforts on growing. They are aligned with durable sector drivers, they fit our technology strengths, and they tend to be more accretive to margins over time.

我們對工業市場的進展感到非常振奮，特別是工業自動化，以及支援資料中心基礎設施的電力品質解決方案。這些正是我們聚焦投入、要推動成長的應用領域。它們與長期且持久的產業驅動因素一致，符合我們的技術優勢，且通常會隨時間推移對毛利率更具增益。

So when we talk about improving the quality of growth, that is what we mean. We are also continuing to deepen our role as a solutions partner with OEM customers by focusing on higher-value engineered systems and platforms, not just individual components. That approach supports stronger customer engagement, better competitive positioning and importantly, a more favorable margin profile.

因此，當我們談到提升成長品質時，指的就是這些。我們也持續深化與 OEM 客戶作為解決方案夥伴的角色，聚焦於更高價值的工程化系統與平台，而不僅是單一零組件。這種做法有助於更強的客戶黏著度、更佳的競爭定位，且更重要的是，帶來更有利的毛利結構。

On the demand side, orders were up 15% year-over-year and up 9% sequentially, resulting in a book-to-bill of 1.14 times. This is an important indicator for us as it reflects improving momentum in key end markets and supports a constructive view as we move through the balance of 2026.

在需求面，訂單年增 15%，季增 9%，使得出貨比（book-to-bill）達到 1.14 倍。這對我們而言是重要指標，因為它反映關鍵終端市場動能正在改善，並支持我們對 2026 年剩餘期間抱持建設性的看法。

At the same time, I would also note that the first quarter did not fully reflect the leverage potential of the business. We absorbed elevated operating costs, including carryover expenses associated from the Dothan transition, along with other targeted investments to support ongoing operations. While the Dothan transition represents a near-term cost headwind, the actions underway will simplify operations, improve quality and efficiency and enhance long-term profitability.

同時我也要指出，第一季尚未完全反映本業務的槓桿潛力。我們承擔了偏高的營運成本，包括與 Dothan 轉移相關的延續性費用，以及其他為支援持續營運所做的重點投資。雖然 Dothan 轉移在短期內帶來成本逆風，但目前推動的措施將簡化營運、提升品質與效率，並增強長期獲利能力。

This reflects our Simplify to Accelerate NOW initiatives or STAN for short, in action from an operational standpoint. Less visible but equally important are the significant internal investments we are making in our core business, particularly in R&D and product development.

這從營運角度展現了我們「Simplify to Accelerate NOW」倡議（簡稱 STAN）的落實。較不顯眼但同樣重要的是，我們正對核心業務進行重大內部投資，特別是在研發與產品開發方面。

Our objective is to strengthen our electronic stack, further leverage our electromagnetic technologies to address high-growth market opportunities and expand the use of our lightweighting capabilities to create a durable competitive advantage for both Allient and our customers. Our recent technology acquisitions have created a strong technology base, and we are now aligning them more tightly with our core business to capture the benefits of scale and compounding. This further demonstrates STAN in action as we reposition the company for sustained future success. One example is our initiative to bring state-of-the-art Allient intelligent controls products to market as quickly as possible. To enable this, we made a deliberate shift within one of our technology units, moving away from project-based onetime revenue opportunities towards scalable market-facing products aligned with our long-term strategy.

我們的目標是強化我們的電子堆疊（electronic stack），進一步運用電磁技術以切入高成長市場機會，並擴大輕量化能力的應用，為 Allient 與客戶建立可持續的競爭優勢。我們近期的技術併購已建立堅實的技術基礎，而我們現在正將其與核心業務更緊密地對齊，以取得規模效益與複利效應的好處。這也進一步展現 STAN 的落實，因為我們正重新定位公司以確保未來的持續成功。其中一個例子是，我們推動將最先進的 Allient 智慧控制產品盡快推向市場。為此，我們在其中一個技術單位做出刻意的調整，從以專案為基礎的一次性營收機會，轉向可擴展、面向市場且符合長期策略的產品。

While this decision resulted in a near-term reduction in revenue and profitability, we are confident the long-term value creation will be significantly greater. This reflects our willingness to bet on ourselves and make disciplined choices that drive enduring success. Another example is our effort to accelerate development of a full range of new motors and controls for the defense market. Historically, an initiative of this scope would have taken years. At Allient, we are compressing that time line into months.

雖然這項決策在短期內造成營收與獲利下滑，但我們有信心長期創造的價值將顯著更高。這反映我們願意押注自身，並做出有紀律、能帶來長久成功的選擇。另一個例子是，我們正加速為國防市場開發一整套新型馬達與控制產品。過去，這種規模的計畫通常需要數年時間。在 Allient，我們正把時程壓縮到以月為單位。

To accomplish this, we are leveraging the expertise from another one of our recent acquisitions to lead the development, supported by existing technology units with proven ability to scale production. Again, this is STAN in action with a focus on speed, simplifying execution by concentrating resources within the highly experienced team that has delivered similar outcomes before.

為了達成這點，我們正運用另一項近期併購所帶來的專業能力來主導開發，同時由既有技術單位提供支援，這些單位已證明具備擴大量產的能力。同樣地，這也是 STAN 的落實：聚焦速度，並透過將資源集中在一支高度資深、過去曾交付類似成果的團隊上，來簡化執行。

Using a sports analogy, we simplified the process by shortening the bench to utilize a highly experienced team that has been there and done it before. So stepping back, the first quarter was a solid start to the year. Bookings were strong.

用運動來比喻，我們透過縮短板凳深度來簡化流程，改由一支經驗豐富、曾經做過且做成功的團隊來上場。回過頭來看，第一季是今年一個穩健的開局。接單表現強勁。

Our targeted growth areas remained healthy. We made significant investments in our platform development and the business continued to move in the right direction from a product portfolio, operational and a financial standpoint. While the environment is still not uniform across every market, we believe the portfolio is better aligned, the company is operating more efficiently, and we are positioned to keep building from here. With that, let me turn it over to Jim for an in-depth revenue of the financials.

我們鎖定的成長領域仍維持健康。我們在平台開發上進行了重大投資，從產品組合、營運與財務面來看，業務持續朝正確方向推進。儘管各市場環境仍不盡一致，我們相信產品組合已更為契合，公司營運效率更高，且我們已具備條件在此基礎上持續建設。接下來，我把時間交給 Jim，請他深入說明財務的營收情況。

Thank you, Dick, and good morning, everyone. Turning to slide 4. First quarter revenue increased 5% to $138.9 million. On a constant currency basis, revenue grew 1% organically. Foreign currency translation provided a favorable impact of $5.1 million in the quarter.

謝謝你，Dick，各位早安。請看第 4 頁投影片。第一季營收成長 5%，達 1.389 億美元。以固定匯率計，營收有機成長 1%。外幣換算在本季帶來 510 萬美元的正面影響。

50% of our Q1 revenue was generated in the US with the balance coming primarily from Europe, Canada and Asia Pacific, consistent with our diversified geographic footprint. Looking at performance by major vertical, Industrial was again the primary growth engine, up 8% year-over-year, reflecting continued strength in industrial automation and in power quality solutions supporting data center infrastructure. Those applications remain particularly healthy and are aligned with secular trends in electrification, digital infrastructure and energy efficiency.

我們第一季營收的 50% 來自美國，其餘主要來自歐洲、加拿大與亞太地區，與我們多元化的地理布局一致。按主要終端市場（vertical）來看，工業再次成為主要成長引擎，年增 8%，反映工業自動化持續強勁，以及支援資料中心基礎設施的電力品質解決方案需求強勁。這些應用仍特別健康，並與電氣化、數位基礎設施與能源效率等長期趨勢一致。

Vehicle revenue increased 7% in the quarter, driven primarily by higher demand in commercial automotive. Medical revenue increased 2% with steady demand in surgical robotics and other precision motor applications, partially offset by softness in medical mobility. Aerospace and Defense declined 3%, as expected, driven by program timing and the previously announced M10 book of program cancellation rather than underlying pipeline weakness.

本季車用營收成長 7%，主要由商用車需求增加所帶動。醫療營收成長 2%，手術機器人與其他精密馬達應用需求穩健，但部分被醫療移動（medical mobility）需求疲弱所抵銷。航太與國防下滑 3%，符合預期，主要受專案時程與先前公告的 M10 訂單簿（book of program）專案取消影響，而非基本管線疲弱所致。

Distribution, while a smaller part of the business portfolio, was down, reflecting normal variability in channel ordering patterns. The key takeaway from this slide is that we saw a broad participation across the portfolio with particular strength in Industrial and Vehicle and a mix of steady and timing-driven dynamics in the other end markets.

通路分銷（Distribution）雖然在業務組合中占比較小，但本季下滑，反映通路下單模式的正常波動。本頁投影片的重點是：我們看到整體產品組合普遍參與成長，其中工業與車用表現尤為強勁；其他終端市場則呈現穩健與受時點影響的動態交錯。

Turning to slide 5. We show the composition of revenue over the trailing 12 months and the year-over-year change by market. This slide reinforces how the business has evolved and why the mix matters for the margin and earnings durability we have been delivering.

請看第 5 頁投影片。我們展示過去 12 個月（trailing 12 months）的營收組成，以及各市場的年對年變化。這頁投影片再次強調業務如何演進，以及為何組合對我們所展現的毛利率與獲利韌性至關重要。

Industrial remains our largest vertical at roughly half of the trailing 12-month revenue and are increasingly anchored by higher-value applications, power quality for data center infrastructure, motion and controls tied to automation and solutions aligned with electrification. That's exactly where we've been directing engineering resources and capital.

工業仍是我們最大的垂直市場，約占過去 12 個月營收的一半，且愈來愈以高價值應用為核心，包括資料中心基礎設施的電力品質、與自動化相關的運動控制（motion and controls），以及符合電氣化趨勢的解決方案。這正是我們投入工程資源與資本的方向。

Vehicle represents about 18% of the trailing 12 months' revenue. While still an important part of the business, it is a smaller percentage of mix than it was several years ago. That's both market-driven and intentional as we have consciously shifted away from lower margin, more commoditized programs towards higher-value applications where our technology and systems content can support better returns. Medical remained steady at roughly 15% of revenue. Surgical instrument and other precision motion applications continue to be reliable contributors.

車用約占過去 12 個月營收的 18%。雖然仍是業務的重要部分，但其在組合中的占比已低於數年前。這既是市場驅動，也是我們有意為之：我們刻意從毛利較低、較商品化的專案，轉向更高價值的應用，在這些領域我們的技術與系統含量可帶來更佳報酬。醫療維持穩定，約占營收的 15%。手術器械與其他精密運動應用持續是可靠的貢獻來源。

Aerospace and Defense also represents roughly mid-teens of the mix and provides longer cycle visibility, even though quarterly shipments can be lumpy as programs ramp and pause. So the mix today is more margin accretive and more tightly aligned with long-term secular drivers than it was just a few years ago, and that mix shift is a key underpinning of our structural margin expansion.

航太與國防也約占組合的中十位數百分比（mid-teens），提供較長週期的能見度，儘管隨著專案爬坡與暫停，季度出貨可能較為不均。因此，相較於幾年前，目前的組合更能增厚毛利（margin accretive），也更緊密對齊長期結構性驅動因素；而這樣的組合轉移，是我們結構性毛利率擴張的重要支撐。

On slide 6, we highlight gross profit and margin trends. First quarter gross margin expanded 50 basis points year-over-year to 32.7% on gross profit of $45.4 million. The improvement was driven by higher sales volume, improved product mix and continued operational benefits from our Simplify to Accelerate NOW initiative.

在第 6 頁投影片，我們重點說明毛利與毛利率趨勢。第一季毛利率年增 50 個基點至 32.7%，毛利為 4,540 萬美元。改善主要來自銷售量提升、產品組合改善，以及我們「Simplify to Accelerate NOW」計畫帶來的持續營運效益。

The structural work we've done over the last several years and continue to undertake consolidating overlapping operations, focusing resources where we have scale and advantage and driving lean disciplines, are being realized in our performance.

過去數年我們所做、且仍持續推進的結構性工作——整併重疊營運、將資源聚焦於具規模與優勢之處、並推動精實管理——正反映在我們的績效表現上。

Those actions are embedded in our manufacturing and supply chain processes and provide a more durable foundation as demand continues to move through their normal cycles despite experiencing more pressure from the evolving tariff policy.

這些措施已內嵌於我們的製造與供應鏈流程中，讓我們在需求依其正常循環波動時，仍能建立更具韌性的基礎，儘管我們也正面臨不斷演變的關稅政策所帶來的更大壓力。

So while quarterly margins will always reflect some mix variability, the broader message is consistent. We are structurally improving the profitability of the business, and we continue to see opportunity to build on that over time. During the fourth quarter, US trade policy underwent more changes.

因此，雖然季度毛利率仍會反映一定的組合波動，但更宏觀的訊息是一致的。我們正在結構性提升企業獲利能力，並且持續看到可隨時間進一步強化的機會。在第四季期間，美國貿易政策又出現更多變化。

The Supreme Court determined that tariffs previously imposed under the International Emergency and Economic Powers Act, otherwise known as IEEPA, were not authorized and are subject to refund. While US Customs has initiated an administrative process to facilitate the submission and payment of refund claims through a phased approach, we are currently evaluating our eligibility to recover previously paid tariffs and intend to submit refund claims after our review.

最高法院裁定，先前依《國際緊急經濟權力法》（International Emergency and Economic Powers Act，簡稱 IEEPA）所課徵的關稅未獲授權，並可申請退還。雖然美國海關已啟動行政程序，將以分階段方式協助退稅申請的提交與款項支付，但我們目前正在評估是否符合追回先前已繳關稅的資格，並計畫在完成審查後提出退稅申請。

The ultimate amount and timing of any such refunds remain uncertain and depend among other factors like processing timelines, claims validation and any unexpected administrative challenges that may come about. In addition, incremental tariffs were imposed on a broad range of products that is expected to expire in July unless extended or replaced through other legislative action.

任何此類退還的最終金額與時點仍不確定，並取決於多項因素，例如處理時程、申請案核驗，以及可能出現的非預期行政挑戰。此外，針對廣泛產品範圍加徵的額外關稅已實施，預計將於 7 月到期，除非透過其他立法行動延長或替代。

We have taken and continue to assess actions to mitigate these changes, including price adjustments, supplier negotiations and supply chain diversification. While we do not believe these increases have had a material impact to our operating performance to date, we are monitoring the evolution of the trade policy and the pressure it may have on margins should current measures stay in effect for an extended period or be expanded.

我們已採取並持續評估各項措施以緩解這些變化，包括調整價格、與供應商協商，以及供應鏈多元化。雖然我們認為截至目前這些調升尚未對營運表現造成重大影響，但我們正持續監測貿易政策的演變，以及若現行措施長期維持或進一步擴大，可能對毛利率造成的壓力。

Turning to slide 7. Operating income increased to $9.3 million in the quarter or 6.7% of revenue. We delivered 10 basis points of operating margin expansion year-over-year even as certain cost items were elevated in the quarter. SG&A expense was 16.1% of sales, up 120 basis points year-over-year, primarily due to higher commissions and incentive compensation on stronger sales volume, increased trade show and commercial activity and elevated IT-related costs, including cloud-based subscription costs and infrastructure. We view those as investments to support growth and productivity.

請看第 7 頁投影片。本季營業利益增加至 930 萬美元，約占營收的 6.7%。即使本季部分成本項目上升，我們仍實現年對年營業利益率擴張 10 個基點。銷售、一般及行政（SG&A）費用占銷售額 16.1%，年對年上升 120 個基點，主要因銷售量更強帶動較高的佣金與獎酬、展會與商務活動增加，以及 IT 相關成本上升（包括雲端訂閱費用與基礎設施）。我們將其視為支持成長與提升生產力的投資。

Restructuring and business realignment costs remain elevated as we continue to execute the Dothan transition and related optimization actions. We expect total restructuring and realignment costs of approximately $2 million to $3 million for the full year 2026. That's consistent with finishing the work that is already underway and completing additional changes that we expect to undertake.

重整與業務重新配置成本仍維持在較高水準，因我們持續執行 Dothan 轉移以及相關的最佳化措施。我們預期 2026 全年重整與重新配置成本約為 200 萬至 300 萬美元。這與完成目前已在進行的工作，以及完成我們預期將推動的額外變更一致。

The way to summarize this slide is that we continue to expand operating margin year-over-year, even while absorbing near-term costs tied to Dothan and certain commercial and IT investments, and we are doing so from a structurally improved base.

總結本頁投影片：即使吸收與 Dothan 相關的短期成本，以及部分商務與 IT 投資，我們仍持續實現年對年營業利益率擴張，而且是在結構性改善後的基礎上達成。

On slide 8, you can see how the margin expansion translated into earnings. Net income increased 51% to $5.4 million or $0.32 per diluted share compared with $0.21 per diluted share in the prior period. Adjusted net income was $8.4 million or $0.50 per diluted share compared with $0.46 per share a year ago. Adjusted EBITDA was $17.3 million in the quarter or 12.4% of revenue, slightly below the prior period as elevated SG&A costs weighed on adjusted EBITDA even as the underlying margin structure continued to improve.

在第 8 張投影片上，您可以看到毛利率擴張如何轉化為獲利。淨利較前期每股稀釋後 $0.21 提升至每股稀釋後 $0.32，淨利增加 51% 至 540 萬美元。調整後淨利為 840 萬美元或每股稀釋後 $0.50，較一年前的每股 $0.46 增加。本季調整後 EBITDA 為 1,730 萬美元，占營收 12.4%，略低於前期，因為偏高的銷售、一般及行政（SG&A）費用壓抑了調整後 EBITDA，儘管基礎毛利結構仍持續改善。

Interest expense declined $1 million to $2.6 million, primarily due to lower average debt balance as we continue to deliver. Our effective income tax rate for the quarter was 21%, and we continue to expect a full year tax rate in the 21% to 23% range. The key takeaway is that bottom line performance continues to benefit from a stronger operating model and a lower interest burden as leverage comes down. Moving to slide 9. We focus on cash flow, working capital and capital deployment.

利息費用下降 100 萬美元至 260 萬美元，主要因為在我們持續交付成果的同時，平均負債餘額降低。本季有效所得稅率為 21%，我們仍預期全年稅率落在 21% 至 23% 的區間。重點在於：隨著槓桿下降，最終獲利表現持續受惠於更強健的營運模式與較低的利息負擔。接著看第 9 張投影片。我們聚焦於現金流、營運資金與資本配置。

Net cash provided by operating activities was $6.2 million in the quarter compared to $13.9 million in the prior period. The decrease was primarily driven due to timing differences and a larger incentive payouts rather than underlying business performance, specifically certain customer payments that typically would have been received prior to quarter end, were collected shortly after the period close.

本季營業活動提供之淨現金為 620 萬美元，較前期的 1,390 萬美元下降。下降主要由於時間差異與較大的獎金發放，而非基本業務表現所致；具體而言，部分通常會在季末前收到的客戶款項，於期後不久才收取。

We continue to prioritize inventory discipline while making strategic purchases to mitigate impacts to the ever-evolving trade policy. As such, inventory was modestly higher quarter-over-quarter. We've improved turns compared to where we were just two years ago, and our goal is to keep driving better performance over time.

我們持續優先維持庫存紀律，同時進行策略性採購，以降低不斷演變的貿易政策所帶來的影響。因此，庫存較上一季小幅增加。相較於兩年前，我們的庫存周轉已有改善，我們的目標是隨時間持續推動更佳表現。

Days sales outstanding were roughly 61 days in the quarter compared with about 57 days for the full year 2025, and we expect some normalization as we move through the year. Capital expenditures in the quarter were $2.2 million. We are investing in capacity and productivity, notably in the areas tied to data center-related power quality, automation and other growth initiatives.

本季應收帳款週轉天數約為 61 天，相較於 2025 全年約 57 天；我們預期隨著年度推進將出現一定程度的正常化。本季資本支出為 220 萬美元。我們正投資於產能與生產力，特別是在與資料中心相關的電力品質、自動化及其他成長計畫等領域。

For full year 2026, we expect CapEx of approximately $12 million to $15. Overall, slide 9 is about staying disciplined, managing working capital, funding targeted growth and efficiency investments and supporting our deleveraging priority.

就 2026 全年而言，我們預期資本支出約為 1,200 萬至 1,500 萬美元。整體而言，第 9 張投影片的重點是維持紀律、管理營運資金、為具針對性的成長與效率投資提供資金，並支持我們去槓桿化的優先事項。

Turning to slide 10. Our balance sheet is in a stronger position than it was a year ago, and that matters for how we can support growth and navigate the external environment. At March 31, cash and cash equivalents were $41.2 million. Total debt was $177.3 million and net debt declined to $136.1 million.

接著看第 10 張投影片。我們的資產負債表較一年前更為強健，這對我們如何支持成長並因應外部環境至關重要。截至 3 月 31 日，現金及約當現金為 4,120 萬美元。總負債為 1.773 億美元，淨負債降至 1.361 億美元。

Total debt was down $3.1 million during the quarter, and our leverage ratio, defined as the total net debt divided by trailing 12-month adjusted EBITDA, improved to 1.78 times and is down significantly from where we were a couple of years ago.

本季總負債減少 310 萬美元；我們的槓桿比率（定義為淨負債總額除以過去 12 個月的調整後 EBITDA）改善至 1.78 倍，且較兩年前的水準顯著下降。

The bank leverage ratio as defined under our credit agreement and excluding foreign cash and certain other adjustments was 2.24 times at quarter end, comfortably within covenant levels. We also had $158 million of unused capacity under our revolving credit facility, providing additional liquidity.

依據我們的授信協議所定義的銀行槓桿比率（排除海外現金及其他若干調整）在季末為 2.24 倍，明顯落在財務契約限制範圍內。我們的循環信用額度項下尚有 1.58 億美元未動用額度，可提供額外流動性。

So the story of slide 10 is straightforward. Lower debt reduces financial risk and interest expense over time, and it also gives us more flexibility to support organic growth, new program launches and disciplined capital allocation from a stronger position. With that, if you advance to slide 11, I will now turn the call back over to Dick.

因此，第 10 張投影片的重點很直接。較低的負債可隨時間降低財務風險與利息費用，同時也讓我們在更強健的基礎上，具備更大的彈性以支持有機成長、新專案啟動，以及更有紀律的資本配置。接下來，若您翻到第 11 張投影片，我現在把電話會議交回給 Dick。

Thank you, Jim. What we are seeing on the order side is encouraging and in our view, reinforces the progress we are making in the business. First quarter orders were $158.1 million, an increase of 15% year-over-year and 9% sequentially. That produced a book-to-bill ratio of 1.14 times, which is an important sign of positive momentum as we move further into the year. The strength was led primarily by Industrial and Vehicle.

謝謝你，Jim。我們在接單端看到的情況令人鼓舞，並且在我們看來，強化了我們在業務上所取得的進展。第一季訂單為 1.581 億美元，年增 15%，季增 9%。由此產生的接單出貨比（book-to-bill）為 1.14 倍，這是我們進一步邁入今年時正向動能的重要訊號。成長主要由工業與車用帶動。

As we discussed earlier, Vehicle was supportive in the quarter, particularly in commercial automotive, and we did see some continuation of the stronger activity that emerged late in 2025. Industrial has continued its strength, especially industrial automation and power quality solutions supporting data center infrastructure, which are strategic growth areas for the company and attractive from a margin standpoint.

如同我們先前所討論，車用在本季提供支撐，特別是在商用汽車領域；我們也看到 2025 年末出現的較強活動延續了一部分。工業業務持續強勁，尤其是工業自動化與支援資料中心基礎設施的電力品質解決方案；這些是公司策略性的成長領域，且就毛利角度而言具吸引力。

We are also seeing steady underlying activity in Medical and Defense, even as individual programs may ramp and pause at different times. That diversification matters. It allows us to navigate variability in any one vertical while still building the overall business.

我們也看到醫療與國防的基本活動維持穩健，即便個別專案可能在不同時間點加速或暫停。這種多元化很重要。它讓我們能在任何單一垂直領域出現波動時仍可因應，同時持續打造整體業務。

Backlog ended the quarter at $251 million, up from year-end, and the majority of that backlog is expected to convert to revenue in three to five months, which is consistent with our historical conversion patterns. So we look at orders and backlog together, we believe they support a constructive view of the business as we move through the balance of the year.

本季期末在手訂單（backlog）為 2.51 億美元，高於年末水準；其中大部分預期將在三到五個月內轉為營收，與我們歷史上的轉換模式一致。因此，當我們將訂單與在手訂單一併觀察時，我們認為它們支持我們在今年剩餘期間對業務抱持建設性的看法。

More broadly, this is consistent with what we have been saying for some time. We continue to align the business around the markets, customers and applications where we believe we can create the most value, not just in terms of revenue, but in terms of mix, margin quality and long-term durability. The bookings profile we saw in the quarter is another sign that this repositioning is gaining traction.

更廣泛而言，這與我們一段時間以來所說的一致。我們持續讓業務聚焦於我們認為能創造最大價值的市場、客戶與應用，不僅是營收層面，也包括產品組合（mix）、毛利品質與長期韌性。本季所見的接單概況，是這項重新定位正在取得進展的另一個訊號。

Turning to slide 12. I would frame the outlook in a straightforward way. First, we believe we are positioned to build on the momentum we saw in the first quarter. Bookings were strong, backlog improved and our targeted growth areas remained healthy.

接著看第 12 張投影片。我會用直接的方式來說明展望。第一，我們相信我們已具備條件延續第一季所見的動能。接單強勁、在手訂單改善，而我們鎖定的成長領域仍維持健康。

Industrial automation and data center infrastructure continue to align the portfolio with attractive end markets, and we remain focused on deepening our role as a solutions partner through higher-value engineered systems and platforms for defense and medical applications where our technologies are tightly aligned with customer needs.

工業自動化與資料中心基礎設施持續使產品組合與具吸引力的終端市場對齊；我們也仍專注於透過更高價值的工程化系統與平台，深化我們作為解決方案夥伴的角色，特別是在國防與醫療應用上，因為我們的技術與客戶需求高度契合。

Second, we are going to remain disciplined. We will keep emphasizing cash generation, disciplined capital spending and further deleveraging because that combination has clearly strengthened our financial position over the last several years. We worked hard to build a stronger balance sheet, improve the cost structure and operate the business more efficiently, and that work is continuing.

第二，我們將持續維持紀律。我們會持續強調現金創造、有紀律的資本支出與進一步去槓桿化，因為這樣的組合在過去幾年已明確強化了我們的財務狀況。我們努力打造更強健的資產負債表、改善成本結構並更有效率地營運，而這項工作仍在持續。

Simplify to accelerate NOW and our broader optimization efforts are not onetime initiatives. They are part of an ongoing effort to simplify the organization, improve throughput, eliminate waste, reduce cost and strengthen profitability over time.

「Simplify to accelerate NOW」以及我們更廣泛的最佳化工作並非一次性措施。它們是持續性努力的一部分，旨在簡化組織、提升產出效率、消除浪費、降低成本，並隨時間強化獲利能力。

We still have work to do, including completing the Dothan transition and finishing the remaining structural actions that will continue to improve our gross and operating margin profile. Third, while we are constructive, we are also realistic.

我們仍有工作要做，包括完成 Dothan 的轉移，以及完成其餘的結構性行動，這些行動將持續改善我們的毛利率與營業利益率結構。第三，雖然我們持正面看法，但我們也務實。

The macro environment is still uneven across certain end markets and geographies. Customer spending can move in phases and trade and policy remain part of the broader backdrop. We are monitoring these developments closely.

宏觀環境在某些終端市場與地理區域仍然不均衡。客戶支出可能分階段變動，而貿易與政策仍是更廣泛背景的一部分。我們正密切監控這些發展。

And at the same time, we have taken proactive steps over the last several years to diversify our supply base, localize sourcing where appropriate and manage exposure through pricing and operational actions. What gives us confidence is what we control. Our cost structure is structurally better than it was a few years ago. Our capital allocation is disciplined. Our balance sheet is stronger.

同時，過去幾年我們已採取主動措施來分散供應來源、在適當之處推動在地採購，並透過定價與營運行動來管理曝險。讓我們有信心的是我們能掌控的部分。我們的成本結構在結構上比幾年前更好。我們的資本配置有紀律。我們的資產負債表更強健。

And through the internal investments we have been making, our portfolio is increasingly aligned around long-term secular drivers where Allient can add differentiated value, including electrification, automation, energy efficiency, increased defense spending and digital infrastructure. These are not short-cycle themes.

而且透過我們持續進行的內部投資，我們的產品組合愈來愈聚焦於長期的結構性驅動因素，在這些領域 Allient 能提供差異化價值，包括電氣化、自動化、能源效率、國防支出增加以及數位基礎設施。這些並非短週期主題。

They represent fundamental shifts in how energy is generated and used, how systems are automated and how critical infrastructure is designed and built. Our motion, controls and power technologies, combined with our systems-level engineering capabilities position us well to support those transitions. I would also like to note that we increased our dividend.

它們代表能源如何被生產與使用、系統如何自動化，以及關鍵基礎設施如何被設計與建造的根本性轉變。我們的運動、控制與電力技術，結合我們系統層級的工程能力，使我們具備良好定位以支援這些轉型。我也想提到，我們提高了股利。

This represents the confidence we have in our future and provides a return to our investors. Quarter one demonstrated that the foundation we have built is working. Our job now is to continue simplifying the organization, driving out cost, supporting our customers and investing in the right programs and capabilities so that we can convert that foundation to sustainable, high-quality growth and value creation over time. I view us as being in the early to mid-earnings -- innings of our journey and STAN is key to our success as we move forward. It provides us a framework to execute our strategy and leverage our AST toolkit.

這代表我們對未來的信心，也為投資人提供回報。第一季證明我們所建立的基礎正在發揮作用。我們現在的工作是持續簡化組織、降低成本、支援客戶，並投資於正確的專案與能力，使我們能將這個基礎轉化為可持續的高品質成長與長期價值創造。我認為我們正處於這段旅程獲利進程的早期到中期，而 STAN 是我們未來成功的關鍵。它為我們提供一個執行策略並運用我們 AST 工具組的框架。

Most importantly, though, it is the outstanding team here at Allient that truly makes it happen. With that, operator, please open the line for questions.

但最重要的是，真正讓一切成真的，是 Allient 這支傑出的團隊。接下來，接線員，請開放提問。

(Operator instructions)

(接線員指示)

Gerry Sweeney, ROTH Capital Partners.

Gerry Sweeney，ROTH Capital Partners。

Good morning. Thanks for taking my call.

早安。謝謝接聽我的電話。

Good morning, Jerry.

早安，Jerry。

I wanted to start on the A&D side. Obviously, you highlighted and we knew about some headwinds, especially around the M10 Booker program, but also a lot of news out there in terms of replenishing certain munitions, et cetera, and some of our more high-end equipment per se. I was just curious as to how you play into that opportunity and what you're hearing from maybe some of the -- in the background on opportunities as we go forward on that front?

我想先從航太與國防（A&D）這一塊談起。顯然你們提到、我們也知道有一些逆風，特別是圍繞 M10 Booker 專案；但同時外界也有很多消息，例如補充某些彈藥等，以及某些更高階的設備之類。我只是好奇你們如何把握這個機會，以及你們從一些方面聽到的情況——就未來在這方面的機會而言？

I can tell you this is that everything that you're hearing about that the replenishment that will be occurring, it has to occur. I mean there's been a huge consumption of some of the Defense products that absolutely need to be replenished. And we are seeing progress in those areas. So I can start by saying to you that we had a very strong bookings first quarter.

我可以告訴你，你所聽到的那些即將進行的補充（replenishment），它必須發生。我的意思是，某些國防產品的消耗量非常大，絕對需要補充。而我們也在這些領域看到進展。所以我可以先跟你說，我們第一季的接單非常強勁。

I can tell you, we've come out even stronger in April already. Now typically, we don't give forecast and guidance, but this is the actual. And April has started out extremely strong, and we see continued progress in the areas that you've been discussing.

我可以告訴你，我們在 4 月一開始就更強。通常我們不提供預測與指引，但這是實際情況。4 月開局非常強勁，我們也看到你所提到的那些領域持續有進展。

Got it. The other area that I think is an opportunity I wanted to discuss a little bit for -- more is data centers. And I know it's a topic for sure, and it's come up everywhere. But especially power quality, which I think we play an important role in. And one of the aspects we're looking at is dollars are really starting to hit the ground in data centers, right?

了解。我想再談另一個我認為是機會的領域——資料中心。我知道這確實是個熱門話題，到處都在談。但特別是電力品質（power quality），我認為我們在其中扮演重要角色。我們正在觀察的一點是，資料中心的資金真的開始落地了，對吧？

On the front end, you're seeing some huge upticks in backlog, especially on the construction companies. Obviously, Allient is a little bit later in this process because -- after the initial build-out. But how does this play out in an opportunity? Because if you think about it, AI started three years ago, it takes two years to build a data center, '25, investment is much larger than '24, much larger than '23. So it would imply that there is a burgeoning opportunity for you in the next couple of years. I just want to get your thoughts on that front.

在前端，你會看到未完成訂單（backlog）大幅上升，尤其是在營建公司那邊。顯然 Allient 在這個流程中會稍晚一些，因為——是在初期建置之後。但這會如何轉化為機會？因為如果你想想，AI 三年前就開始了，建一座資料中心要兩年，2025 年的投資比 2024 年大得多，也比 2023 年大得多。所以這意味著未來幾年你們會有一個快速成長的機會。我想聽聽你對這方面的看法。

100% correct. It is part of the growth that we're seeing. It's part of the strength that we're seeing in our bookings and it did have an impact on our growth last year, and we think it will be -- continue to grow and be more significant as we move forward this year and into the following years. So you're absolutely correct. It is happening.

完全正確。這是我們看到的成長的一部分。這也是我們在接單上看到的強勁動能的一部分，去年它確實對我們的成長有影響，而我們認為——隨著今年往後以及未來幾年，它會持續成長並變得更為顯著。所以你說得完全正確。這正在發生。

We are seeing it converted into orders and backlog and with the -- and the other encouraging sign is that you're seeing the markets looking for acceleration of delivery. So that's good and it's bad. I mean you have to have the capacity in order to be able to handle it, which fortunately, we made the investments.

我們看到它正在轉化為訂單與未完成訂單（backlog）；另一個令人鼓舞的跡象是，你看到市場正在尋求加速交付。所以這既是好事也是壞事。我的意思是，你必須具備產能才能應付，所幸我們已經做了投資。

We made the investments in acquiring a company in Oshkosh that had a production capability in Mexico that we've been able to leverage and also an expansion of our facility up in Milwaukee. So -- and those are -- they're playing into those markets.

我們透過收購位於 Oshkosh 的一家公司進行投資，該公司在墨西哥具備生產能力，我們已能加以運用；同時也擴建了我們在 Milwaukee 的廠房。所以——而這些——正好切入那些市場。

So I think we have made our investments in advance of what the increasing demand is, and we're prepared to deliver to it. And you are correct, we are seeing the positive benefits and impacts of that.

因此我認為，我們已在需求增加之前提前完成投資，並已準備好交付。而你說得沒錯，我們確實正在看到其帶來的正面效益與影響。

And one more question on that front. Would you be involved only in new builds? Or is there a retrofit opportunity?

另外在這方面再問一個問題。你們只會參與新建案嗎？還是也有改造（retrofit）的機會？

Well, that's a great question. I can't answer it with 100% confidence, but I would say to you that if the retrofit is to improve the performance or the throughput of existing data centers and in order to do that, they're going to need equipment like ours. So if that is happening, and I'm not sure -- I can't answer that.

嗯，這是個很好的問題。我無法百分之百有把握地回答，但我會跟你說，如果改造是為了提升既有資料中心的效能或吞吐量，而要做到這點，他們就會需要像我們這樣的設備。所以如果確實在發生這件事——我不確定——我無法回答。

I'm not sure, yeah, I'm not sure either, to be honest with you. I've just been hearing more some existing data centers are being retrofitted. That's just in the last couple of days.

我不確定，是的，老實跟你說，我也不確定。我只是聽到更多消息說，一些既有的資料中心正在進行改造升級。這就是過去幾天才發生的。

So, yeah, that it makes sense. It absolutely makes sense. I mean you've got the infrastructure there and what you want to do is you take advantage of current technology and leverage that. And if you're going to do that, then you're going to be leveraging our stuff as well. So we'll have to take a look at that.

所以，是的，那很合理。這絕對合理。我的意思是，你已經有基礎設施在那裡，而你想做的是利用現有技術並加以運用。而如果你要這麼做，那你也會同時運用到我們的東西。所以我們得再看看這件事。

Max Michaelis, Lake Street Capital Markets.

Max Michaelis，Lake Street Capital Markets。

Hey, guys. Thanks for taking my call. Questions here. First one for me, I want to go back to A&D. It sounds like you're seeing a lot of positive momentum here in Q2. I was curious to know if you're seeing a lot of that activity around drones or if it's just kind of a broad-based strength in the Defense space?

嗨，各位。謝謝接我的電話。我這邊有幾個問題。第一個，我想回到 A&D（航太與國防）。聽起來你們在第二季看到相當多的正向動能。我想了解一下，你們看到的活動主要是圍繞無人機，還是說國防領域整體呈現廣泛性的強勁？

Well, there's obviously a significant interest in drones. And we take it serious, and we feel we're in a great position. In past conference calls, we've talked about our capabilities and motors that are used in the propulsion and so forth and the requirement that certain products are going to have to convert to US made products for US defense applications.

嗯，顯然大家對無人機有相當大的興趣。我們很認真看待，也覺得我們處於非常有利的位置。在過去的電話會議中，我們談過我們的能力，以及用於推進等用途的馬達，還有某些產品必須轉換為美國製造產品、以符合美國國防應用需求的要求。

So we are well positioned to take advantage of that. In saying that, there -- we are -- we have typically been in the high-end side of that, the high end, meaning the more expensive, larger, more sophisticated drone applications that weren't necessarily just propulsion, but we do see that the opportunity in propulsion for us given our experience and knowledge of the motor types, our ability to scale and meaning scale because having been in the vehicle business and in other businesses where we make millions of motors a year, this is one of the beauties of our company.

所以我們很有條件去把握這個機會。話雖如此，我們——我們過去通常是在那個領域的高階端，也就是高階指的是更昂貴、更大型、更複雜的無人機應用，不一定只是推進；但考量到我們在馬達類型上的經驗與知識、以及我們的量產擴張能力——所謂擴張能力，是因為我們曾在車用業務及其他業務中每年生產數百萬顆馬達——這是我們公司的一大優勢，因此我們也確實看到推進領域對我們的機會。

We can convert from design to full-scale production. And I mentioned in part of my prepared script here is that leveraging one of our newer acquisitions from a technology standpoint, but also from a design standpoint and combining it with existing operations that know how to scale. That's what's going to be required in the market, and we've been working extremely hard to position ourselves to be able to take advantage of it, okay? So we see it as important.

我們可以從設計轉換到全面量產。我在我這邊事先準備的講稿中也提到，從技術面、也從設計面去運用我們較新的收購案之一，並把它與既有、懂得如何擴產的營運結合起來。這正是市場會需要的，而我們一直非常努力地讓自己處於能夠把握這個機會的位置，好嗎？所以我們認為這很重要。

We're making an investment. We're moving very quickly. That's all I can say about that right now.

我們正在進行投資。我們推進得非常快。目前我能說的就這些。

Perfect. Now a couple more for me here. Secondly, you noted vehicle was strong as well in orders in Q1. Just curious to know if you're kind of turning away any sort of low-margin vehicle orders or if you're just accepting all now?

很好。那我這邊還有幾個問題。第二，你們提到第一季車用訂單也很強。我想了解一下，你們是否有在拒絕任何低毛利的車用訂單，還是現在都照單全收？

Yeah, great question. I mean -- so if we remember vehicle, we describe vehicle as it's not just automotive. We mentioned, in particular, commercial automotive is a portion of our business, but the other vehicle markets have been strong as well, okay?

是的，很好的問題。我的意思是——如果我們回想一下車用，我們描述車用不只是汽車。我們提到過，尤其是商用汽車只是我們業務的一部分，但其他車用市場也同樣強勁，好嗎？

And typically, they're in some custom applications that enhance their actuation and so forth and the margin profiles are better. I will say that our team has done a great job of making improvements in process, adding some automation to the process.

而且通常是在一些客製化應用上，能提升其致動等功能，毛利結構也更好。我會說，我們團隊在流程改善方面做得很好，也在流程中加入了一些自動化。

And we are not working on massive new programs. That's the one thing that I would say to you that what we've turned away from is that we're not interested in working on a design for a low-margin commercial automotive project that we don't particularly add any other value than what they're looking for is price.

而我們並沒有在做大量全新的專案。我會跟你說，我們拒絕的是：我們不想投入為低毛利的商用汽車專案做設計；在那種專案裡，我們並沒有提供他們所需以外的其他價值，他們要的基本上就是價格。

So more about not getting involved in the high upfront CapEx requirements, the long design-in cycle time, the long time before you start to see a return on investment. We are leveraging what we have. And fortunately, for us, I mean, it is continuing to grow and I would tell you that our operating margins have improved.

所以更像是不要捲入前期需要大量資本支出（CapEx）、漫長的導入設計週期、以及在看到投資報酬之前需要很長時間的案子。我們是在運用我們既有的能力。而且對我們來說很幸運的是，它還在持續成長；我也會告訴你，我們的營業利益率已經改善。

All right, great, guys. I'll take the rest of mine offline. Thank you again.

好的，很棒，各位。我其餘的問題我會私下再問。再次感謝。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Yeah, thanks, Guy. Good morning, everybody. Can you -- maybe, I don't know if you're able to quantify some of these facility transition costs that you alluded to. I don't know how much that was in Q1, whether it gets better or worse in Q2. And just to be clear, is it sort of fully abate by second half? Anything lingering that we should be aware of?

是的，謝謝，Guy。各位早安。你能不能——也許，我不知道你是否能量化一下你們提到的這些廠房轉移成本。我不確定第一季是多少、第二季是變好還是變差。另外確認一下：下半年是否就會完全消除？還有沒有任何我們需要注意的遺留影響？

Yeah, no, great question. I mean that and we did bring it up because you get into transitions, there's always some unknowns. Some of the -- and many of the times, you're designed in on programs that require customer support in order to get requalified. So it's difficult for you to just pick it up and move it and you're dealing with many, many different parties and so forth.

是的，不，這是個很好的問題。我的意思是，我們之所以提出來，是因為一旦進入轉移，總會有一些未知數。其中一些——而且很多時候，你是在某些專案上被客戶導入設計（design-in）的，這些專案需要客戶支援才能重新取得認證（requalified）。所以你很難就直接把它搬走，你還要面對很多很多不同的相關方等等。

And what we are moving is more of a higher mix business, which adds complexity to it as well. I will say, in retrospect, could we have done a better job in identifying some of these challenges upfront? Of course, we could have. But we're correcting them, and we're moving fast on them.

而我們正在搬移的是一個產品組合更高混合度（higher mix）的業務，這也增加了複雜性。我會說，回頭看，我們能不能在一開始就更好地識別其中一些挑戰？當然可以。但我們正在修正，而且推進得很快。

And to answer your question, we do expect to drive out more cost, costs that we expected to drive out, improve efficiencies, and we will start to see the benefits of that in the second half of the year. Jim can he can provide you some numbers, give you some more detail on what the impacts have been.

為了回答你的問題，我們確實預期會進一步去除更多成本——也就是我們原本就預期要去除的成本——提升效率，而我們會在今年下半年開始看到這些效益。Jim 可以提供你一些數字，給你更多關於影響的細節。

Yeah, as we mentioned during the call that we expect it to make some incremental investments, $2 million to $3 million over the course of 2026. And again, I would expect really the second half of the year to probably see more of a concentration of that. Again, as Dick mentioned, we're still stabilizing and working on the transition with Dothan. So that's continuing. And hopefully, by the end of the third quarter, that will be in a good place of where we expect it to be.

是的，正如我們在電話會議中提到的，我們預期在 2026 年期間會進行一些額外投資，約 200 萬到 300 萬美元。而且同樣地，我預期這些投資大概會更集中在下半年。再次如 Dick 所提到的，我們仍在穩定並推進與 Dothan 相關的轉移作業。所以這仍在持續。並且希望到第三季末，能達到我們預期的良好狀態。

Okay. Makes sense. Shifting gears to the bookings, which I think was an all-time record. Obviously, stood out both from an absolute basis, year-over-year growth. I think you mentioned Vehicle, Industrial.

好的。有道理。把話題轉到訂單（bookings），我認為那是歷史新高。顯然，無論從絕對值或年增率來看都很突出。我想你提到了車用、工業。

Can you give us some sense, were there specific categories within that, that drove it? And then in response to an earlier question, you talked about April trends. Was that specific to Defense? Or was that across the Board? I didn't catch that comment.

你能否讓我們了解一下，其中是否有特定類別帶動了成長？另外，回應先前的一個問題，你談到 4 月的趨勢。那是特別針對國防嗎？還是涵蓋全公司各領域？我沒聽清楚那段評論。

To answer your question, in the first quarter, we did see strength pretty much, I would say, across the Board, but the magnitude or the significance of them are in some of the key drivers and markets that we mentioned to you. So Jerry had asked the question about the defense market and replenishment and so forth, and we did benefit from that, and we will continue to benefit from that.

回答你的問題，第一季我們確實看到幾乎可以說是全面性的強勁表現，但其幅度或重要性主要體現在我們先前提到的一些關鍵驅動因素與市場。所以 Jerry 問到國防市場與補庫等議題，我們確實從中受益，而且未來也會持續受益。

I will say to you this, and -- as we've talked about how do we record bookings. And if we have a firm schedule for a multi -- full year or multiyear commitment to us, the only time that we actually record it as a booking is when we get a firm production schedule.

我想跟你說的是——也如同我們談過的，我們如何認列訂單（bookings）。如果我們拿到的是一個有明確排程的多年期、整年度或多年度承諾，只有在我們取得明確的生產排程時，我們才會把它實際認列為訂單。

So one of the things that we did do starting the beginning of the year here is that in the past, we have received with some forecasted demand of when deliveries are going to occur, and we may have booked a full amount, okay? We're doing it a little bit differently.

因此，我們從今年年初開始做的一件事是：過去我們會收到一些對交付時間的需求預測，然後可能會把全額都先入帳為訂單，對吧？我們現在做法有些不同。

And the bookings could have been significantly better if we book full program versus booking four to five months out of demand every quarter booking another quarter showing the demand and forecast demand and when we're shipping in a more current time frame. So you heard me talk about moving in some of the backlog into a more current time frame. I think I said three to five months, I should have said three to six months.

如果我們把整個專案（program）全額入帳，而不是只按未來四到五個月的需求入帳、每季再入帳下一季，並依據需求與預測需求、以及較接近當期的出貨時點來認列，那麼訂單數字可能會顯著更高。所以你聽到我提到把部分積壓訂單（backlog）移到更接近的時間框架。我想我說的是三到五個月，其實應該說三到六個月。

And that's because of the change that we've made. It is substantive. And I will say that if we go back, we do a comparison to one of the programs that we are now booking on a monthly or quarterly basis versus on a full annual basis, it could have been significantly higher. So we are seeing -- in the defense market, we're seeing those bookings coming in. We expect more to come.

這是因為我們做了上述變更。這個變更影響很大。我也想說，如果回頭比較一下：我們現在對某個專案改為按月或按季入帳，而不是按整年度一次入帳，那麼數字本來可能會高出很多。因此在國防市場，我們確實看到這些訂單正在進來。我們也預期還會有更多。

And also in the data center side of it. It's been significant growth in the first quarter, it was strong, and we also see strengthening coming right out of the shoots here in the second quarter. So Greg, we don't -- rarely do we talk about what we've already seen.

另外在資料中心方面也是如此。第一季成長顯著、表現強勁，而第二季一開始我們也看到動能正在增強。所以 Greg，我們很少會去談我們已經看到的情況。

And I think my intent here is to -- while you look at it and say we may have missed in from a revenue projection or adjusted EBITDA projection, I would say to you, the business is strong and healthy, and we're very confident that what we're seeing here is -- we're certainly pleased with what we're seeing, and we want to share that, that there's no real reason of concern. The orders are coming.

我想我在這裡的用意是——當你看到我們在營收預測或調整後 EBITDA 預測上可能略低於預期時，我想跟你說，公司的業務是強勁且健康的；我們對目前看到的狀況非常有信心——我們對所見到的情況當然感到滿意，也想分享給大家：其實沒有真正需要擔心的理由。訂單正在進來。

They are coming, they have come, and they will continue to come, and that results in the improvements that we expect for the full year and beyond.

它們正在進來，已經進來了，而且會持續進來，這也會帶來我們對全年以及更長期所預期的改善。

Okay. So just to be clear, bookings were up 15% on a year-over-year basis. So they were very strong. But you're saying they were actually understated because of this sort of change in formula that you alluded to?

好的。所以確認一下，訂單年增 15%。所以確實非常強勁。但你的意思是，因為你提到的這種公式／認列方式的改變，實際上這個數字被低估了？

Yeah, I mean if we had recorded a particular order that was pretty significant on, like we did a couple of years ago. The problem with it is you book it in one -- and we booked the whole thing. We have forecast demand. We found out that demand doesn't necessarily relate to reality.

對，我的意思是，如果我們像幾年前那樣，把某一筆相當大的訂單一次性認列。問題在於你會在某一個時間點把它全部入帳。我們有需求預測。但我們發現需求預測不一定符合現實。

So you'll get pushouts as it goes on. So we decided to make the change and the change we made, it could have been significantly higher if we did it in the same manner, but we are making the change to be more level loading, more conservative about, okay, with current data, we will book when we get more of a firm demand on a short-term basis. So you're absolutely correct.

所以隨著時間推進，你會看到交期往後延（pushouts）。因此我們決定做出改變；如果仍用同樣方式認列，數字本來可能會高很多，但我們改成更平均地分攤（level loading）、更保守：也就是依據當前資料，在短期內取得更明確的需求時才入帳。所以你說得完全正確。

Okay. Understood. So I guess my last question then just in light of just your comments, I mean, I don't think 1% organic growth on a constant currency basis, which is what you reported in Q1 is necessarily a good representation of how you might view the year. I know you don't guide for the full year, but maybe would just appreciate any comments related to that?

好的。了解。那我最後一個問題是，根據你剛才的評論，我的意思是，我不認為你們第一季所報告的、以固定匯率計算的 1% 有機成長，能很好代表你們對今年的看法。我知道你們不提供全年指引，但若能就此給一些相關評論，我會很感謝。

Yeah, I would agree with you. I think we're on a path to certainly exceed that. And I think we also remember, if we go back to what we talked about in -- the fourth quarter was better than we expected because we had some pull aheads, which was unusual in the fourth quarter, which did have an impact on what we were -- what was available to ship in the first quarter. So it was a balancing. It was a level loading to a certain extent.

是的，我同意你的看法。我認為我們的走勢肯定會超過那個水準。而且我們也要記得，如果回頭看我們談過的內容——第四季比我們預期更好，因為有一些提前拉貨（pull aheads），這在第四季並不常見，而這也影響了第一季可供出貨的量。所以這是一種平衡。在某種程度上是一種更平均的安排（level loading）。

Again, unusual for certain -- well, for us as a company, but for certain customers to be accelerating shipments into the fourth quarter rather than pushing and allowing them to ship in first quarter. So we saw some of that. So I think if you look at a quarter-to-quarter basis, it may look -- all right, it's not that great. But when you look at it on a more longer-term standpoint, there is some positive growth occurring.

再次強調，這對某些——嗯，對我們公司而言是不尋常的，但對某些客戶來說，他們把出貨加速到第四季，而不是延後、讓它在第一季出貨。所以我們確實看到一些這樣的情況。因此如果你用季對季來看，可能會覺得——好吧，沒那麼好。但若從更長期的角度來看，確實有一些正向成長正在發生。

Okay. Appreciate all the color. Thanks.

好的。感謝你提供這麼多細節。謝謝。

Thank you, Greg.

謝謝你，Greg。

Tomp Sano, JPMorgan.

JPMorgan 的 Tomp Sano。

Hi, good morning, Dick, Tim.

嗨，早安，Dick、Tim。

Good morning, Tom.

早安，Tom。

Thank you. Could you talk about operating margins? That was 6.7% in Q1. But excluding onetime items and considering the impacts of the Simplify to Accelerate NOW program, what would you estimate as the underlying or normalized margin levels? Additionally, if you could talk about some OP margin outlook from Q2 onward, it would be appreciated. Thank you.

謝謝。可以談談營業利潤率嗎？第一季是 6.7%。但若排除一次性項目，並考量 Simplify to Accelerate NOW 計畫的影響，你們估計其基礎或常態化的利潤率水準會是多少？另外，如果你能談談從第二季起的營業利潤率（OP margin）展望，我將不勝感激。謝謝。

Good question, Tomo. So a couple of things. As we talked about, we're making investments in our research and development, new product development. And as Dick mentioned, we're on pace to bring products to market faster.

好問題，Tomo。所以有幾點。如同我們談到的，我們正在加大對研發、新產品開發的投資。而且如 Dick 提到的，我們正按計畫加快把產品推向市場的速度。

And so we did make some strategic investments in order to facilitate and enable that. And I think we'll see some continued investments as we go throughout the rest of this year in order to execute on what we're strategically trying to do, and that is to bring products to market faster. So I think the continued investments that we will make in the streamlining of the business as we have been doing in the last couple of years.

因此，我們確實做了一些策略性投資，以促進並支援這件事。我認為在今年剩餘時間裡，為了落實我們策略上想做的事——也就是更快把產品推向市場——我們會持續看到一些投資。所以我認為，我們將持續投入於業務精簡（streamlining），就像過去幾年一直在做的那樣。

And as we mentioned, we're continuing to complete the Dothan transition and continuing to look for opportunities where we see duplication. So I think our Simplify to Accelerate NOW DNA is well in place, and we're continuing to support the ongoing improvement in margins as a result of what those projects have demonstrated over the last couple of years.

另外如我們提到的，我們正持續完成 Dothan 的轉移，並持續尋找我們看到重複之處的機會。因此，我認為我們的「Simplify to Accelerate NOW」DNA 已經很到位，而我們也持續支持毛利率的持續改善，這是過去幾年這些專案所展現成果的結果。

Thank you and thank you Jim and if I may follow up on the vehicle in terms of the order trends or revenue, that was a bit surprisingly solid. So Dick, if you could talk about the 8% plus commercial automotive and construction strength offset by the lower power sports and truck demand? How should we look at these kind of customers order trends over the next couple of quarters?

謝謝，也謝謝 Jim；如果我可以追問一下，關於車輛端的訂單趨勢或營收，那表現出乎意料地穩健。所以 Dick，你能否談談商用汽車與工程建設成長超過 8%，如何抵消動力運動與卡車需求較弱的影響？未來幾季我們應該如何看待這類客戶的訂單趨勢？

I think they're going to continue. I don't -- we don't see any signs that this was unusual by any stretch of the imagination or means. And I think we've seen return to growth in some of the nonautomotive vehicle markets, and I think that's a positive sign for us. We are continuing to work on new applications in those areas. As I mentioned, it's -- they're typically specialty and they're used in trucks and buses and construction equipment and so forth.

我認為它們會持續下去。我不——我們沒有看到任何跡象顯示這次有任何不尋常之處。而且我認為我們在一些非汽車的車輛市場看到了重回成長，我覺得這對我們是正面訊號。我們也持續在那些領域開發新的應用。如我提到的——它們通常是特殊用途，應用在卡車、巴士、工程建設設備等等。

I think one thing is the -- talking about the impacts on the ATV market, the power sports and so forth, that has continued to bring a little bit of a drain on us, and we have mentioned in the past that, that market has moved in the direction of more commoditized commercial automotive. And we have -- while we're experiencing competition and we have experienced competition in the last several years that have come from the automotive side of it, the quantities don't necessarily lend themselves to it long-term.

我想有一點是——談到 ATV 市場、動力運動等的影響，那一直對我們造成一些拖累；而且我們過去也提過，那個市場已經朝向更商品化的商用汽車方向發展。而我們——雖然我們正在面對競爭，且過去幾年也一直有來自汽車端的競爭，但其數量規模未必適合長期投入。

We have focused on what the future is going to look like and how we can provide a more integrated total solution versus a component solution. And from that standpoint, I think we feel good that we've hit a point of where we bottomed out, but that we will see some growth from there. So I think those are positive signs from that standpoint as well.

我們把重點放在未來會是什麼樣子，以及我們如何提供更整合的整體解決方案，而不是單一零組件解決方案。從這個角度來看，我們覺得不錯的是，我們已經到達觸底的點，接下來會看到一些成長。所以從這個角度來看，這些也是正面訊號。

And we realigned our businesses, and we continue to realign our business. Some of the moves that we're taking -- undertaking right now and unfortunately, that we've incurred -- extended transition time periods and cost, I think in the long term, they're definitely going to pay dividends because the businesses are different and the investments that you make and how you structure the business has to be different. So our goal is to align the cost associated with those business with the profit potential. And that's exactly what we're doing.

我們也重新調整了我們的業務，而且仍在持續調整。我們目前正在採取——推動的一些行動，不幸的是，讓我們承擔了——更長的轉換期與成本；但我認為長期來看，這些肯定會帶來回報，因為各個業務不同，你所做的投資以及你如何架構業務都必須不同。因此，我們的目標是讓與這些業務相關的成本與其獲利潛力相匹配。而這正是我們正在做的。

So yes, it's painful. But the rewards will be there and the margin profiles that we're setting internally, it's not the same across the Board. We've talked about this. I know you've asked us questions in the past, can we share more about which ones generate higher margins or not? And we've been reluctant to do so. When you talk about gross margins, that's one thing.

所以是的，這很痛苦。但回報會到來，而我們內部設定的毛利結構（margin profiles）並不是全盤一致。我們談過這點。我知道你過去也問過我們，能否多分享哪些業務毛利較高、哪些較低？而我們一直不太願意這麼做。當你談毛利率時，那是一回事。

But when you talk about operating profit, that's another. And our expectation is that the business potential has to be there, and it's our job to structure them to generate the operating profit and control the variable cost to the best of our ability and -- but certainly, the OpEx cost, which is not -- all parts are not created equal. That will drive operating margin in each of our markets that we've established targets for and we continue to move towards, okay?

但當你談營業利益時，那又是另一回事。我們的期待是，業務的潛力必須存在；而我們的工作是把它們的架構設計成能產生營業利益，並在我們能力所及範圍內控制變動成本——但當然，還有營業費用（OpEx），而且並不是——所有部分都一樣。這將推動我們各市場的營業利益率；我們已為各市場設定目標，並持續朝目標前進，好嗎？

So Vehicle, our specialty applications that we do, we're getting better and stronger in, and we're leveraging already designs and capital equipment that's in place, and we're certainly willing to take on more of those. We're just not willing to take on long-term, really cost competitive, long -- high CapEx and high-risk returns.

所以在 Vehicle 方面，我們所做的特殊應用正變得更好、更強；我們也在利用既有的設計與已到位的資本設備，並且我們當然願意承接更多這類案子。只是我們不願意承接那種長期、極度成本競爭、長——高資本支出（CapEx）且高風險回報的案子。

That's we're changing the profile, and that's not part of our plans.

這就是我們正在改變的樣貌，而那不在我們的計畫之內。

Thank you, Dick.

謝謝你，Dick。

Thank you, Tomo.

謝謝你，Tomo。

This does conclude our question-and-answer session. I'd like to turn the floor back over to management for closing comments.

問答環節到此結束。我想把時間交回管理層作結語。

Well, thank you, everyone, for joining us on today's call and for your interest in Allient. We will be participating in the Craig-Hallum Investor Conference in Minneapolis on May 28, and then the Virtual Northland Growth Conference on June 23. As always, please feel free to reach out to us at any time, and we look forward to talking to you all again after our second quarter 2026 results. Have a great day.

好的，謝謝各位參加今天的電話會議，也謝謝各位對 Allient 的關注。我們將於 5 月 28 日在明尼阿波利斯參加 Craig-Hallum 投資人會議，接著於 6 月 23 日參加線上的 Northland Growth Conference。一如既往，歡迎各位隨時與我們聯繫；我們也期待在 2026 年第二季業績公布後再次與各位交流。祝各位有美好的一天。

This concludes today's teleconference. Thank you very much for your participation. Please disconnect your lines and have a wonderful day.

今天的電話會議到此結束。非常感謝各位的參與。請掛斷電話線，祝各位有美好的一天。